Mohawk Industries 公佈第一季度業績

喬治亞洲卡爾霍恩, May 02, 2021 (GLOBE NEWSWIRE) — Mohawk Industries, Inc. (NYSE: MHK) 今天宣佈 2021 年第一季度的淨盈利為 2.37 億美元，攤薄後每股盈利（EPS）為 3.36 美元。調整後淨盈利為 2.46 億美元，每股盈利為 3.49 美元，不包括調整、收購及其他費用。2021 年第一季度的淨銷售額為 27 億美元，按報告季度下降 16.8%，而按固定貨幣及天數計算為 9.1%。2020 年的第一季度淨銷售額為 23 億美元，淨盈利為 1.11 億美元，每股盈利為 1.54 美元，調整後淨盈利為 1.19 億美元，每股為 1.66 美元，不包括調整、收購及其他費用。

主席兼行政總裁 Jeffrey S. Lorberbaum 在評論 Mohawk Industries 的第一季度業績時表示：「在此期間，我們的業績出色，包括有史以來最高的銷售記錄與第一季度每股收益。在此期間，我們的業務持續增強，沒有反映我們行業的正常季節性。在世界各地，消費者正在繼續投資在自己的房屋上，在大多數改建項目中，新地板起著重要作用。隨著全球經濟的擴張以及企業開始投資以期望恢復正常，我們也開始看到對商業需求的溫和改善。

市場需求隨著時間增強，並且到第二季度我們的積壓訂單仍然強勁。我們的大多數業務都以高生產率運作，儘管我們的庫存仍比我們想要的低。在此期間，我們的生產和營運成本受到我們大多數市場的供應限制，以及曠工、新員工培訓和美國惡劣天氣的影響。我們的利潤率受益於強勁的消費者需求、我們的重組和生產力行動，以及利用對銷售、一般及行政 (SG&A) 成本。我們提高了大多數產品類別和地區的價格，以反映原材料、勞動力、能源及運輸方面的通貨膨脹。全球運輸能力受到限制，這增加了我們的成本並延遲收到我們的進口產品。我們已經看到本地運輸受到類似的限制，並且正在提高運費以作為回應。」

「我們將繼續實行我們的重組計劃，並實現在我們預期的 1 億至 1.1 億美元中節省約 7,500 萬美元。自我們開始了購買計劃以來，在第一季度，我們以平均約 179 美元的價格購買了 1.23 億美元的股票，總價為 6.86 億美元。我們的資產負債表保持強勢，淨債務減去短期投資為 13 億美元，反映出公司的槓桿水平處於歷史低位。

「根據報告，本季度我們的世界地板部門的銷售額增加了 30.7%，以及按固定貨幣和天數計算增長為 14.6%。根據報告，該部門的營業利潤率增長了 780 個基點至 20.7%。增長的原因是銷量增加、有利的價格和產品結構、生產率提高和有利的匯率，但部分被通貨膨脹所抵消。第一季度受益於較低的營銷費用、產品組合和天數的增加，從而為期內帶來更高利潤。在此期間，我們的大多數設施都處於高水平運作，儘管一些供應上的約束限制了我們的利用率。我們預計至少在第二季度仍會持續出現一些材料短缺。我們的層壓板業務是該部門最大的產品類別，隨著我們產品更逼真的視覺效果及更出色的性能獲得了消費者的擁護，層壓板業務持續錄得顯著增長。在第二季度，我們將安裝更多的層壓板製造資產，以支援進一步的增長。我們的 LVT（石塑地板）銷量大幅增長，由於改良了的配方及生產速度的提高，我們的利潤率也有所提升。我們的乙烯基板材銷售受到歐洲零售商對冠狀病毒封城的限制。隨著我們擴大客戶基礎和產品範圍，我們的俄羅斯乙烯基板材業務繼續快速擴張。儘管材料供應和成本增加給我們的利潤帶來壓力，但我們的絶緣材料業務仍繼續增長。我們的木板業務提高了性能，並正在安裝新的三聚氰胺壓機，以增加更高的價值銷售和效率。透過利用我們全面的軟硬表面系列、強大的銷售組織和行業領先的服務，我們在澳洲及新西蘭的銷售與利潤率均獲得顯著增長。

「在本季度，我們的地板北美部門的銷售額按報告增長了 14.3%，按固定匯率計算增長了約 9%，營業利潤率為 8.4%，增長了 410 個基點。該部門的營業收入增加的主要原因是銷量和生產力的提高，但部分被通貨膨脹所抵消。我們的訂單率保持強勁，並且積壓量高於正常水平。當我們管理勞動力短缺和供應緊張的干擾時，我們所有的業務都在最大程度上提高產量。改變零售模式改善了我們優質產品的銷售，從而改善了我們的住宅地毯銷售。隨著新項目投資的增加，我們的商業業務從低谷持續改善。隨著逼真的視覺效果和防水性能在所有渠道中被廣泛應用，我們的層壓板銷量創下了記錄。我們大大提高了國內層壓板的產量，並以我們全球業務的進口作為補充。我們將安裝更多的層壓板生產，以在今年年底之前進一步擴大我們的銷售。隨著我們擴大產品範圍，我們的 LVT 銷售持續增長，並且由於我們實施了與歐洲業務類似的流程，本地製造亦在不斷改善。  我們正在提高優質 Ultrawood 的產量，這是第一款防水天然木地板，還具有行業領先的耐刮耐磨、抗凹痕和抗褪色特性。

「我們全球陶瓷部門銷售額在該季度按報告增長了 9.6%，按固定貨幣和天數計算増長 5.4%。根據報告，該部門的營業利潤率增長了 370 個基點而達到 9.4%，這主要是由於有利的價格和產品組合、更高的銷量和生產率提高，但部分被通貨膨脹所抵消。我們的美國工廠正在以更高的水平運行，並且我們透過重組行動提高了生產率。我們的石英廠正在提高其生產力，我們正在引入更成熟的脈狀系列，這將增加我們的產品組合，並應提高我們的利潤率。在此期間，襲擊西南地區的冰暴中斷了我們的電力和天然氣供應，暫時停止了我們大多數製造工廠的生產。設施已全部恢復，並按預期運作，從而改善了我們的服務。我們的歐洲陶瓷業務表現出色，這得益於生產力、產品組合的改善和消費者需求的增長。儘管受能力限制，我們的俄羅斯、巴西和墨西哥的陶瓷業務仍取得了不錯的業績。在所有三個業務中，我們都在最大程度上提高產量並根據需要分配生產。在巴西和墨西哥，我們今年正在提高產能，以改善我們的銷售和產品組合。在俄羅斯，我們正在優化瓷磚生產，並擴大新的高級衛生潔具工廠，以滿足不斷增長的需求。

「隨著一年的發展，我們預計歷史上的低利率、政府措施和較少的疫情限制將改善我們在全球的市場。疫苗接種計劃應讓人更安全，並減少與冠狀病毒相關的進一步破壞的風險。我們預計目前強勁的住宅趨勢將繼續，第二階段的商業銷售將緩慢改善。在整個企業範圍內，我們將增加產品介紹，以提供更多功能和優勢，以增強我們的產品及利潤。我們執行正在進行的成本節省計劃的同時，亦正在改善製造業務以提高產量和效率。我們的供應商表示，儘管一些營運仍可能面臨未來的供應限制，但從第一季度起物料的供應量應該會有所改善。我們正在某些美國社區管理充滿挑戰的勞動力市場，聯邦的補充失業計劃可能會干擾人員配備，從而在最大程度上提高這些活動的效率。如果原材料、能源和運輸成本繼續上漲，則可能需要在全球進一步提價。考慮到這些因素，我們預計不計任何重組費用，第二季度調整後的每股收益將在 3.57 美元至 3.67 美元之間。

「目前，我們的強勁積壓訂單反映了全球住宅需求的上升水平。我們正在引入新產品創新，以增強我們的產品和客戶銷售，並優化生產以改善我們的服務。我們正在為改善商業項目做準備，期望實現經濟擴張並恢復正常的商業投資。憑藉強大的流動性和歷史上較低的槓桿率，我們將增加資本投資，並利用其他機會進行擴張。」

關於 MOHAWK INDUSTRIES

Mohawk Industries 是全球領先的地板製造商，致力於創造產品來提升全球住宅及商業空間。Mohawk 垂直整合的製造及分銷流程在地毯、小毛毯、瓷磚、層壓板、木材、石材及乙烯基地板的生產方面擁有競爭優勢。我們行業領先的創新產品及技術使我們的品牌在市場上脫穎而出，並滿足所有改造及新建工程要求。我們是在行內最受認可的品牌，並包括 American Olean、Daltile、Durkan、Eliane、Feltex、Godfrey Hirst、IVC、Karastan、Marazzi、Mohawk、Mohawk Group、Pergo、Quick-Step 及 Unilin。在過去的十年中，Mohawk 已經將其業務從一家美國地毯製造商轉變為世界上最大的地板公司，在澳洲、巴西、加拿大、歐洲、印度、馬來西亞、墨西哥、紐西蘭、俄羅斯及美國開展業務。

前面幾段中的某些陳述，特別是預測未來業績、業務前景、增長及經營策略以及類似事項以及包括「可能」、「應該」、「相信」、「預料」、「預期」及「估計」或類似可構成「前瞻性陳述」的字眼。對於這些陳述，Mohawk 受 1995 年《美國私人證券訴訟改革法案》中包含的前瞻性陳述的保護。無法保證前瞻性陳述是準確的，因其基於許多假設、涉及風險及不確定性。以下的重要因素可導致未來結果不同：經濟或行業狀況的變化；競爭；原材料價格和其他投入成本的通貨膨脹和通貨緊縮；消費市場的通貨膨脹和通貨緊縮；能源成本和供應；資本支出的時間和水平；本公司產品價格上漲的時間和實施；減值費用；收購整合；國際業務；推出新產品；合理化運作；稅收和稅收改革、產品和其他索賠；訴訟；以及 Mohawk 的證券交易委員會報告和公告中所提及的其他風險。

電話會議：2021 年 4 月 30 日上午 11 時（美國東部時間）

電話號碼：1-800-603-9255（美國／加拿大）；1-706-634-2294（國際／本地）。會議識別碼：6084517。直至 2021 年 5 月 30 日都可以經致電 1-855-859-2056（美國／本地）及 1-404-537-3406（國際／本地）並輸入會議驗證碼：6084517 收聽重播。

聯絡人：James Brunk | 財務總監 | 電話：(706) 624-2239

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES
(Unaudited)
Condensed Consolidated Statement of Operations Data	Three Months Ended
(Amounts in thousands, except per share data)	April 3, 2021				March 28, 2020
Net sales	$	2,669,026			2,285,763
Cost of sales		1,877,257			1,669,323
Gross profit		791,769			616,440
Selling, general and administrative expenses		474,254			464,957
Operating income		317,515			151,483
Interest expense		15,241			8,671
Other (income) expense, net		(2,227	)		5,679
Earnings before income taxes		304,501			137,133
Income tax expense		67,690			26,668
Net earnings including noncontrolling interests		236,811			110,465
Net earnings (loss) attributable to noncontrolling interests		4			(49	)
Net earnings attributable to Mohawk Industries, Inc.	$	236,807			110,514
Basic earnings per share attributable to Mohawk Industries, Inc.
Basic earnings per share attributable to Mohawk Industries, Inc.	$	3.37			1.54
Weighted-average common shares outstanding – basic		70,179			71,547
Diluted earnings per share attributable to Mohawk Industries, Inc.
Diluted earnings per share attributable to Mohawk Industries, Inc.	$	3.36			1.54
Weighted-average common shares outstanding – diluted		70,474			71,777
Other Financial Information
(Amounts in thousands)
Net cash provided by operating activities	$	259,605			194,974
Less: Capital expenditures		114,735			115,632
Free cash flow	$	144,870			79,342
Depreciation and amortization	$	151,216			145,516

Condensed Consolidated Balance Sheet Data
(Amounts in thousands)
	April 3, 2021				March 28, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	557,262			263,086
Short-term investments		782,267			60,300
Receivables, net		1,813,858			1,644,750
Inventories		1,996,628			2,195,434
Prepaid expenses and other current assets		415,997			449,461
Total current assets		5,566,012			4,613,031
Property, plant and equipment, net		4,432,110			4,472,913
Right of use operating lease assets		337,767			331,329
Goodwill		2,594,727			2,519,979
Intangible assets, net		921,846			904,023
Deferred income taxes and other non-current assets		437,611			415,667
Total assets	$	14,290,073			13,256,942
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	$	953,913			1,210,525
Accounts payable and accrued expenses		1,954,396			1,554,085
Current operating lease liabilities		98,982			106,673
Total current liabilities		3,007,291			2,871,283
Long-term debt, less current portion		1,719,115			1,514,000
Non-current operating lease liabilities		248,022			238,830
Deferred income taxes and other long-term liabilities		816,613			785,186
Total liabilities		5,791,041			5,409,299
Total stockholders’ equity		8,499,032			7,847,643
Total liabilities and stockholders’ equity	$	14,290,073			13,256,942

Segment Information	As of or for the Three Months Ended
(Amounts in thousands)	April 3, 2021				March 28, 2020
Net sales:
Global Ceramic	$	929,871			848,450
Flooring NA		969,250			848,330
Flooring ROW		769,905			588,983
Consolidated net sales	$	2,669,026			2,285,763
Operating income (loss):
Global Ceramic	$	87,804			47,976
Flooring NA		81,298			36,206
Flooring ROW		159,306			75,816
Corporate and intersegment eliminations		(10,893	)		(8,515	)
Consolidated operating income (a)	$	317,515			151,483
Assets:
Global Ceramic	$	5,161,660			5,237,631
Flooring NA		3,731,032			3,841,815
Flooring ROW		4,120,381			3,810,348
Corporate and intersegment eliminations		1,277,000			367,148
Consolidated assets	$	14,290,073			13,256,942
(a)During the second quarter of 2020, the Company revised the methodology it uses to estimate and allocate corporate general and administrative expenses to its operating segments to better align usage of corporate resources allocated to the Company segments.  The updated allocation methodology had no impact on the Company’s consolidated statements of operations.  This change was applied retrospectively, and segment operating income for all comparative periods has been updated to reflect this change.

Reconciliation of Net Earnings Attributable to Mohawk Industries, Inc. to Adjusted Net Earnings Attributable to Mohawk Industries, Inc. and Adjusted Diluted Earnings Per Share Attributable to Mohawk Industries, Inc.
(Amounts in thousands, except per share data)
							Three Months Ended
							April 3, 2021				March 28, 2020
Net earnings attributable to Mohawk Industries, Inc.							$	236,807			110,514
Adjusting items:
Restructuring, acquisition and integration-related and other costs								11,877			11,930
Income taxes								(2,735	)		(3,080	)
Adjusted net earnings attributable to Mohawk Industries, Inc.							$	245,949			119,364
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc.							$	3.49			1.66
Weighted-average common shares outstanding – diluted								70,474			71,777
Reconciliation of Total Debt to Net Debt Less Short-Term Investments
(Amounts in thousands)
	April 3, 2021
Short-term debt and current portion of long-term debt	$	953,913
Long-term debt, less current portion		1,719,115
Total debt		2,673,028
Less: Cash and cash equivalents		557,262
Net Debt		2,115,766
Less: Short-term investments		782,267
Net debt less short-term investments	$	1,333,499

Reconciliation of Operating Income (Loss) to Adjusted EBITDA
(Amounts in thousands)															Trailing Twelve
	Three Months Ended														Months Ended
	June 27, 2020				September 26, 2020			December 31, 2020				April 3, 2021			April 3, 2021
Operating income (loss)	$	(60,958	)		262,744				282,733			317,515			802,034
Other (expense) income		(1,037	)		726				6,742			2,227			8,658
Net (income) loss attributable to noncontrolling interests		331			(336	)			(176	)		(4	)		(185	)
Depreciation and amortization (1)		154,094			151,342				156,555			151,216			613,207
EBITDA		92,430			414,476				445,854			470,954			1,423,714
Restructuring, acquisition and integration-related and other costs		91,940			26,925				15,947			6,059			140,871
Adjusted EBITDA	$	184,370			441,401				461,801			477,013			1,564,585
Net Debt less short-term investments to Adjusted EBITDA															0.9
(1) Includes $5,818 of accelerated depreciation in Q1 2021 with $8,395 in Q2 2020, $5,243 in Q3 2020 and $6,435 in Q4 2020.
Reconciliation of Net Sales to Net Sales on a Constant Exchange Rate and on Constant Shipping Days
(Amounts in thousands)
	Three Months Ended
	April 3, 2021				March 28, 2020
Net sales	$	2,669,026			2,285,763
Adjustment to net sales on constant shipping days		(110,948	)		–
Adjustment to net sales on a constant exchange rate		(63,899	)		–
Net sales on a constant exchange rate and constant shipping days	$	2,494,179			2,285,763

Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and on Constant Shipping Days
(Amounts in thousands)
	Three Months Ended
Global Ceramic	April 3, 2021				March 28, 2020
Net sales	$	929,871			848,450
Adjustment to segment net sales on constant shipping days		(33,930	)		–
Adjustment to segment net sales on a constant exchange rate		(1,421	)		–
Segment net sales on a constant exchange rate and constant shipping days	$	894,520			848,450
Reconciliation of Segment Net Sales to Segment Net Sales on Constant Shipping Days
(Amounts in thousands)
	Three Months Ended
Flooring NA	April 3, 2021				March 28, 2020
Net sales	$	969,250			848,330
Adjustment to segment net sales on constant shipping days		(44,735	)		–
Segment net sales on constant shipping days	$	924,515			848,330
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and on Constant Shipping Days
(Amounts in thousands)
	Three Months Ended
Flooring ROW	April 3, 2021				March 28, 2020
Net sales	$	769,905			588,983
Adjustment to segment net sales on constant shipping days		(32,283	)		–
Adjustment to segment net sales on a constant exchange rate		(62,479	)		–
Segment net sales on a constant exchange rate and constant shipping days	$	675,143			588,983
Reconciliation of Gross Profit to Adjusted Gross Profit
(Amounts in thousands)
	Three Months Ended
	April 3, 2021				March 28, 2020
Gross Profit	$	791,769			616,440
Adjustments to gross profit:
Restructuring, acquisition and integration-related and other costs		10,485			11,080
Adjusted gross profit	$	802,254			627,520
Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses
(Amounts in thousands)
	Three Months Ended
	April 3, 2021				March 28, 2020
Selling, general and administrative expenses	$	474,254			464,957
Adjustments to selling, general and administrative expenses:
Restructuring, acquisition and integration-related and other costs		(1,002	)		(895	)
Adjusted selling, general and administrative expenses	$	473,252			464,062
Reconciliation of Operating Income to Adjusted Operating Income
(Amounts in thousands)
	Three Months Ended
	April 3, 2021				March 28, 2020
Operating income	$	317,515			151,483
Adjustments to operating income:
Restructuring, acquisition and integration-related and other costs		11,487			11,975
Adjusted operating income	$	329,002			163,458
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income
(Amounts in thousands)
	Three Months Ended
Global Ceramic	April 3, 2021				March 28, 2020
Operating income	$	87,804			47,976
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs		1,273			(122	)
Adjusted segment operating income	$	89,077			47,854
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income
(Amounts in thousands)
	Three Months Ended
Flooring NA	April 3, 2021				March 28, 2020
Operating income	$	81,298			36,206
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs		8,859			8,067
Adjusted segment operating income	$	90,157			44,273
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income
(Amounts in thousands)
	Three Months Ended
Flooring ROW	April 3, 2021				March 28, 2020
Operating income	$	159,306			75,816
Adjustments to segment operating income:
Restructuring, acquisition and integration-related and other costs		1,357			3,969
Adjusted segment operating income	$	160,663			79,785
Reconciliation of Earnings Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes
(Amounts in thousands)
	Three Months Ended
	April 3, 2021				March 28, 2020
Earnings before income taxes	$	304,501			137,133
Net (earnings) loss attributable to noncontrolling interests		(4	)		49
Adjustments to earnings including noncontrolling interests before income taxes:
Restructuring, acquisition and integration-related and other costs		11,877			11,930
Adjusted earnings including noncontrolling interests before income taxes	$	316,374			149,112
Reconciliation of Income Tax Expense to Adjusted Income Tax Expense
(Amounts in thousands)
	Three Months Ended
	April 3, 2021				March 28, 2020
Income tax expense	$	67,690			26,668
Income tax effect of adjusting items		2,735			3,080
Adjusted income tax expense	$	70,425			29,748
Adjusted income tax rate		22.3	%		20.0	%

The Company supplements its condensed consolidated financial statements, which are prepared and presented in accordance with US GAAP, with certain non-GAAP financial measures. As required by the Securities and Exchange Commission rules, the tables above present a reconciliation of the Company’s non-GAAP financial measures to the most directly comparable US GAAP measure. Each of the non-GAAP measures set forth above should be considered in addition to the comparable US GAAP measure, and may not be comparable to similarly titled measures reported by other companies. The Company believes these non-GAAP measures, when reconciled to the corresponding US GAAP measure, help its investors as follows: Non-GAAP revenue measures that assist in identifying growth trends and in comparisons of revenue with prior and future periods and non-GAAP profitability measures that assist in understanding the long-term profitability trends of the Company’s business and in comparisons of its profits with prior and future periods.
The Company excludes certain items from its non-GAAP revenue measures because these items can vary dramatically between periods and can obscure underlying business trends. Items excluded from the Company’s non-GAAP revenue measures include: foreign currency transactions and translation and the impact of acquisitions.
The Company excludes certain items from its non-GAAP profitability measures because these items may not be indicative of, or are unrelated to, the Company’s core operating performance. Items excluded from the Company’s non-GAAP profitability measures include: restructuring, acquisition and integration-related and other costs, acquisition purchase accounting, including inventory step-up, release of indemnification assets and the reversal of uncertain tax positions.

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